TRY
USDTRY - Swords are drawn.
I drew the main channel on KST. Must watch carefully.
The upward reaction would be much more severe, but the downward reaction should be evaluated.
If I see anything about it, I'm gonna give url to the new idea under this area.
USD/TRY - Possible Breakout From A Descending Triangle*** DISCLAIMER ***
Any and all commentary, research, analyses, or other information published by me on this website are provided as general market commentary, and do not constitute investment advice nor a solicitation and there are no guarantees associated with them. I am not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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The price seems to have broken the descending triangle pattern, but I suggest to wait a possible retracement (maybe even in 1H TF) just to exclude the possibility of a false breakout.
On The Chart I tracked 3 possibility level of Take Profit.
EUR/TRY - Bullish Setup in a yearly symmetrical triangleFX:EURTRY
*** DISCLAIMER ***
Any and all commentary, research, analyses, or other information published by me on this website are provided as general market commentary, and do not constitute investment advice nor a solicitation and there are no guarantees associated with them. I am not liable for any loss or damage, including without limitation, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
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The price did a false breakout just yesterday and then re-entered in the symmetrical pattern (11 months old) with a long 4H candlestick.
In my opinion the plan is to wait a retracement on the lower base of the triangle and wait for an engulfing or pin bar pattern, just to have a confirmation of the bullish pressure.
USDTRY Descending Triangle is hereDescending triangle, one of the sell signal technical patterns is visible on D chart. Still, MA200 is a reliable support area.
RSI is below 50 levels.
My play is sell, with S/L at 5.70 and T/P at 5.43
USDTRY Huge potential upsideThere is a huge potential for the currency usdtry to test August 2018 levels.
START OF THE WEEK (9 Sep - 13 Sep 2019) GUIDE | IT's A SHORT!See chart for illustration
This is a follow up on a long term speculation published earlier ( see link below for reference purpose)
Hard Times on USD/TRYBecause of Turkey Political Risks and Central Bank Movements TRY value is decreasing against USD. Technically 5.83 is the critical level and it should be followed. Short can be tried in there with close stop. If this level breaks long can be open.
XAU/TRY All Times HighBecause fo TRY decrasinng Gold trend XUA/TRY reached all times high. Short can ben trien from here close stop level. if this level breaks we can %5-7 up from this level.
USDTRY LongAdmittedly, I've not made a good call on the Lira so far this year. Fundamentally the Lira is way overvalued at ~5.60, it's probably overvalued even at $6 but the CBRT has found clever ways to prop up the currency through swaps (and a billion or so in borrowed Yuan).
all that said, the algo is signalling long here, so I'll be taking a smaller position to balance risk in the event Trump decides to intervene in the dollar directly since the DXY is back over 98 (again) so a Trump tweet seems likely.
Market News and Charts for August 12, 2019USD/TRY
The pair was seen trading at the tip of the “Falling Wedge” pattern and was expected to continue going down in the following days. The 2016 failed Turkish coup attempt started the end of the relationship between the United States and Turkey. The coup was led by U.S.-based preacher Fethullah Gulen within the Turkish military. Three (3) years after the failed coup, Turkey had its first delivery of the Russian S-400 missile defense system, which the U.S. allies said will compromise the defense sharing agreement of the NATO (North Atlantic Treaty Organization) Alliance. The second batch of delivery was expected to be finish this August. Aside from this, Turkey is mulling to purchase Russian SU-35 fighter jets after the U.S. expelled Turkey from the F-35 fighter jet program in response to its acquisition of Russia’s S-400. However, the Turkey-U.S. relationship might enter into a new low after Turkey loaned $1 billion from China.
